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Business Segment and Geographical Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Business Segment and Geographical Information Business Segment and Geographical Information
The company’s financial performance is reported in four segments. A description of each segment follows.
Life Sciences Solutions: provides an extensive portfolio of reagents, instruments and consumables used in biological and medical research, discovery and production of new drugs and vaccines as well as diagnosis of infection and disease. These products and services are used by customers in pharmaceutical, biotechnology, agricultural, clinical, healthcare, academic, and government markets.
Analytical Instruments: provides a broad offering of instruments and the supporting consumables, software and services that are used for a range of applications in the laboratory and in the field. These products and services are used by customers in pharmaceutical, biotechnology, academic, government, environmental and other research and industrial markets, as well as the clinical laboratory.
Specialty Diagnostics: offers a wide range of diagnostic test kits, reagents, culture media, instruments and associated products to serve customers in healthcare, clinical, pharmaceutical, industrial, and food safety laboratories. Our healthcare products are used to increase the speed and accuracy of diagnoses, which improves patient care in a more cost-efficient manner.
Laboratory Products and Biopharma Services: offers virtually everything needed for the laboratory. Our unique combination of self-manufactured and sourced products and extensive service offering enables our customers to focus on their core activities and helps them to be more innovative, productive and cost-efficient. The segment also includes a comprehensive offering of outsourced services used by the pharmaceutical and biotech industries for drug development, clinical research, clinical trials services and commercial drug manufacturing.
The company’s management evaluates segment operating performance based on operating income before certain charges/credits to cost of revenues and selling, general and administrative expenses, principally associated with acquisition accounting; restructuring and other costs/income including costs arising from facility consolidations such as severance and abandoned lease expense and gains and losses from the sale of real estate and product lines as well as from significant litigation-related matters; and amortization of acquisition-related intangible assets. The company uses this measure because it helps management understand and evaluate the segments’ core operating results and facilitates comparison of performance for determining compensation.
Business Segment Information
(In millions)202320222021
Revenues
Life Sciences Solutions
$9,977 $13,532 $15,631 
Analytical Instruments
7,263 6,624 6,069 
Specialty Diagnostics
4,405 4,763 5,659 
Laboratory Products and Biopharma Services
23,041 22,511 14,862 
Eliminations
(1,829)(2,515)(3,010)
Consolidated revenues
42,857 44,915 39,211 
Segment Income
Life Sciences Solutions
3,420 5,582 7,817 
Analytical Instruments
1,908 1,507 1,197 
Specialty Diagnostics
1,124 1,024 1,280 
Laboratory Products and Biopharma Services
3,358 2,872 1,844 
Subtotal reportable segments
9,810 10,985 12,138 
Cost of revenues adjustments
(95)(46)(8)
Selling, general and administrative expenses adjustments
(59)(37)(144)
Restructuring and other costs
(459)(114)(197)
Amortization of acquisition-related intangible assets
(2,338)(2,395)(1,761)
Consolidated operating income
6,859 8,393 10,028 
Interest income879 272 43 
Interest expense(1,375)(726)(536)
Other income/(expense)
(65)(104)(694)
Consolidated income before taxes
$6,298 $7,835 $8,841 
Depreciation
Life Sciences Solutions
$220 $214 $197 
Analytical Instruments
93 83 83 
Specialty Diagnostics
86 75 128 
Laboratory Products and Biopharma Services
669 614 423 
Consolidated depreciation
$1,068 $986 $831 
Cost of revenues charges included in the above table consist of charges for the sale of inventories revalued at the date of acquisition, inventory write-downs associated with large-scale abandonments of product lines, and accelerated depreciation on fixed assets to estimated salvage value in connection with the consolidation of operations. Selling, general and administrative charges/credits included in the above table consist of significant transaction/integration costs (including reimbursement thereof) related to recent/terminated acquisitions, charges/credits for changes in estimates of contingent acquisition consideration, and charges related to product liability litigation.
(In millions)202320222021
Total assets
Life Sciences Solutions
$20,191 $21,848 $22,751 
Analytical Instruments
10,247 10,019 9,692 
Specialty Diagnostics
8,636 5,542 6,010 
Laboratory Products and Biopharma Services
51,091 51,281 52,639 
Corporate/other (a)
8,561 8,464 4,031 
Consolidated total assets
$98,726 $97,154 $95,123 
Capital expenditures
Life Sciences Solutions
$178 $490 $810 
Analytical Instruments
87 140 79 
Specialty Diagnostics
121 112 167 
Laboratory Products and Biopharma Services
1,013 1,403 1,327 
Corporate/other
80 98 140 
Consolidated capital expenditures
$1,479 $2,243 $2,523 
(a)Corporate assets consist primarily of cash and cash equivalents and property and equipment at the company's corporate offices.
Geographical Information
(In millions)202320222021
Revenues (b)
United States
$22,013 $23,820 $18,907 
Other
20,844 21,095 20,304 
Consolidated revenues
$42,857 $44,915 $39,211 
Long-lived Assets (c)
United States
$6,352 $6,308 $5,578 
Other
4,652 4,565 4,286 
Consolidated long-lived assets
$11,004 $10,873 $9,864 
(b)Revenues are attributed to countries based on customer location.
(c)Includes property, plant and equipment, net, and operating lease ROU assets.